Attached files

file filename
8-K - FORM 8-K - SAJAN INCv352519_8-k.htm

 

PRESS RELEASE
August 12, 2013

 

For Immediate Release
Contact:

Shannon Zimmerman

Chief Executive Officer/Chief

Financial Officer

email: szimmerman@sajan.com

phone: 715-426-9505

 

 

Sajan, Inc. Announces Financial Results for

Second Quarter 2013

Achieves Record Revenue

 

RIVER FALLS, WI- August 12, 2013- Sajan, Inc., (SAJA.OB) a provider of global language services and translation management software, today reported financial results for the quarter ended June 30, 2013.

 

Revenues for the quarter ended June 30, 2013 were $6.1 million, which represented an increase of 11.3% over revenues for the quarter ended June 30, 2012 of $5.5 million. The Company reported net income for the second quarter of 2013 of approximately $147,000, or $0.01 per share, compared to a net loss of approximately $181,000, or $0.01 per share for the same quarter last year. Financial results included non-cash expense related to stock options of approximately $51,000, in the three months ended June 30, 2013 compared to approximately $50,000, in the three months ended June 30, 2012.

 

Revenues for the six months ended June 30, 2013 were $11.7 million, which represented an increase of 14.6% from revenues for the same period in 2012 of $10.2 million. Net income for the six months ended June 30, 2013 was approximately $163,000, or $0.01 per share, compared to net loss of approximately $970,000 or $0.06 per share for the same period last year. Financial results for the six months included non-cash expense related to stock options of approximately $100,000 in the six months ended June 30, 2013 compared to approximately $105,000 in the six months ended June 30, 2012.

 

“I am very pleased with the progress made during Q2. Not only were improvements made in nearly every financial category, we continue to see a positive response from the market to Transplicity. Additionally, our Business Development efforts are gaining momentum and Global Operations showed improved performance. Sajan’s innovative solution and progress such as this will serve to better position the company for even greater future success, “noted Sajan CEO, Shannon Zimmerman.

 

Conference Call Details

The company's investors will have the opportunity to listen to management's discussion of its business operations, financial results and growth strategies on a conference call at 10:30 a.m. (Central time) on August 12, 2013. The company invites all those interested to join the call by dialing 1-888-469-1336 and entering access code 7540313.  For those who cannot listen to the live broadcast, a replay will be available shortly after the call and until 11:59 p.m. CT on August 19, 2013 by dialing 1-888-566-0617.

 

 
 

 

 

About Sajan

 

Sajan is a leading provider of global language translation and localization services, helping clients around the world expand seamlessly into any global market.  The foundation of our solution is our industry leading language translation management system technology – Transplicity – which provides process automation and innovative multilingual content reuse to provide schedule predictability, higher quality and cost efficiencies to our clients. By working closely with our clients, Sajan’s experienced team of localization professionals develop tailored solutions which provide flexibility to any large or small business who truly desire to “think globally, but act locally.” Based out of the United States, we also have offices in Ireland, Spain and Singapore. Sajan is publicly traded under the symbol SAJA. Learn more about Sajan at www.sajan.com.

 

Forward-Looking Statements

 

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. The Company's Annual Report on Form 10-K, its Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission, the Company's press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. The words "aim," "believe," "expect," "anticipate," "intend," "estimate" and other expressions that indicate future events and trends identify forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to those set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 29, 2013, under the heading "Item 1A. Risk Factors".  The Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

 

 
 

 

Sajan, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
               

 

   Three months ended June 30,   Six months ended June 30, 
   2013   2012   2013   2012 
Revenues  $6,133,008   $5,512,768   $11,657,210   $10,176,499 
Operating Costs:                    
Cost of revenues (exclusive of depreciation and amortization)   3,743,441    3,522,062    7,156,187    6,643,827 
Sales and marketing   833,593    640,210    1,573,674    1,242,772 
Research and development   205,393    319,080    368,784    765,806 
General and administrative   943,775    984,009    1,893,526    1,950,219 
Loss on subsidiary closure   -    -    -    80,113 
Depreciation and amortization   222,761    183,319    428,667    404,235 
Income (loss) from Operations   184,045    (135,912)   236,372    (910,473)
Other income (expense), net   (30,669)   (44,772)   (53,976)   (59,812)
Income (loss) before income taxes   153,376    (180,684)   182,396    (970,285)
Income tax (expense) benefit   (5,926)   -    (19,273)   - 
Net income (loss)  $147,450   $(180,684)  $163,123   $(970,285)
Income (loss) per common share – basic & diluted  $0.01   $(0.01)  $0.01   $(0.06)
Weighted average shares outstanding – basic   16,268,393    16,185,804    16,268,393    16,182,426 
Weighted average shares outstanding – diluted   16,308,220    16,185,804    16,308,220    16,182,426 

 

 

 

 
 

 

Sajan, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
 

 

   June 30, 2013
(Unaudited)
   December 31, 2012 
Assets          
Current assets          
Cash and cash equivalents  $945,052   $892,939 
Accounts receivable, net of allowance of $15,000   4,001,815    3,192,337 
Unbilled services   1,137,283    1,015,429 
Other current assets   685,812    492,854 
Total current assets   6,769,962    5,593,559 
Property and equipment, net   1,022,938    805,284 
Other assets, net   981,730    897,534 
Total assets  $8,774,630   $7,296,377 
Liabilities and  Stockholders' Equity          
Current liabilities          
Accounts payables  $2,547,709   $2,501,772 
Line of credit   400,000    400,000 
Other current liabilities   2,523,679    1,434,229 
Total current liabilities   5,471,388    4,336,001 
Long-term liabilities   872,540    757,549 
Total liabilities   6,343,928    5,093,550 
Stockholders' equity   2,430,702    2,202,827 
Total liabilities and stockholders' equity  $8,374,630   $7,296,377